Crypto Price Today: Profits Take Over Crypto Charts as 11 BTC ETFs Bag Historic Approval in US

In a historic development, the US SEC finally gave the green signal to 11 Bitcoin ETF applications that include Blackrock, Fidelity, and Invesco among others.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 11 January 2024 11:51 IST

Crypto Price Today: Profits Take Over Crypto Charts as 11 BTC ETFs Bag Historic Approval in US

Photo Credit: Pexels/ DS Stories

The overall crypto market cap, as of Thursday, stands at $1.76 trillion

Highlights

Tether, USD Coin saw small losses
Profits were recorded by Polkadot, Polygon
Leo, Bitcoin SV saw losses

Bitcoin on Thursday, January 11 minted a small profit and continued trading at the price point of $46,331 (roughly Rs. 38.4 lakh). In a historic development, the US SEC finally gave the green signal to 11 Bitcoin ETF applications that include Blackrock, Fidelity, and Invesco among others. This has ushered in an excitement-induced sentiment among the global crypto community even though Bitcoin did not show an immediate reaction to the development. Profits are beginning to seep onto the price chart in the backdrop of this development.

Ether minted a profit of 9.99 percent on Thursday. With this, the value of ETH has touched the price point of $2,606 (roughly Rs. 2.16 lakh). This is a 20-month high for Ether.

“The decision to greenlight 11 spot Bitcoin ETFs reflects a growing acceptance and recognition of digital assets within traditional financial markets. This move is expected to bring about increased adoption, liquidity, and overall market maturity. It also signifies a shift in the perception of cryptocurrencies from a niche asset class to one that is gaining mainstream acceptance,” Edul Patel CEO of Mudrex told Gadgets360.

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Exchange Traded Funds (ETFs) track the value of the asset and trade on traditional market exchanges rather than crypto exchanges. This lets people engage with Bitcoin without having to register with a crypto platform. The SEC-approved BTC ETFs will be available on traditional exchange majors, such as NYSE Arca, Nasdaq, and Cboe BZX Exchange in the US.

Majority cryptocurrencies reflected gains after news about the BTC ETF approvals broke online. These altcoins include Binance Coin, Ripple, Cardano, Avalanche, Dogecoin, Polkadot, Tron, and Polygon.

Other altcoins that saw the immediate effect of the ETF approvals unlike BTC include Chainlink, Shiba Inu, Litecoin, Bitcoin Cash, Cosmos, and Uniswap.

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“The future price movement will also be impacted by further capital inflows into Bitcoin ETFs. The abundance or scarcity of funds will play a crucial role in market sentiment and price fluctuations, determining whether Bitcoin prices continue to rise or experience a decline. This event may trigger intense market volatility, and investors should closely monitor the market's reaction post-ETF approval, as well as the flow of funds, to better formulate their investment strategies,” Ryan Lee, Chief Analyst at Bitget Research told Gadgets360.

A small number of cryptocurrencies did see minor losses on Thursday. These include Tether, Solana, USD Coin, Leo, and Bitcoin SV.

“Now that the SEC has approved Bitcoin ETFs, it is expected that financial institutions in other regions will apply for similar businesses in the United States. To prevent large and medium-sized financial institutions from transferring their funds out of the region, other financial centres such as London, Hong Kong, Singapore, and Tokyo are also expected to introduce policies related to BTC spot ETFs. This will ultimately lead to the widespread globalization and adoption of cryptocurrency. Additionally, the attributes of cryptocurrency are likely to expand beyond BTC to include ETH, stablecoins, and other tokens, allowing more people to understand the significance of cryptocurrency,” Lee added.

The overall crypto market cap, as of Thursday, stands at $1.76 trillion (roughly Rs. 1,46,01,628 crore). As per CoinMarketCap, the market valuation rose by 2.77 percent over the last 24 hours.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More